Industry News

Retail Reinvention means Long Live Brick-and-Mortar Retail

“Digital competitors have transformed the traditional retail business and exerted extreme pressure on brick-and-mortar retailers who seem to have lost the connection to their customers.”

Instead of desperately trying to defeat pure players on their battlefield, brick-and-mortar retailers should take advantage of their function as a customer interface.

They have to understand that in most cases, the customer journey begins in the real environment. The first touch point and first brand contact happens in brick-and-mortar retail stores. It is at these points where retailers have to create strong, memorable and positive brand experiences.

A recent Vivaldi study* revealed that there are four imperatives for retail reinvention:

  1. Understand your role – brick-and-mortar retailers must be more than a mere point of purchase
  2. Intensify strengths – brick-and-mortar retailers must exploit their inherent strengths
  3. Use technological progress – brick-and-mortar retailers must integrate digital tools, they have to unlock the opportunities that technological advancements provide
  4. Let one-plus-one be three – brick-and-mortar retailers must build an interface between their online and offline channels

By combining the best of two worlds, some of the world’s best-known online e-commerce brands have created a seamless online – in-store experience for consumers. It is evident that these industry leaders will not stop here.

Thus, the motto for brick-and-mortar retailers must be “now or never”.

*click here for the original publication

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